Business briefs: Nasdaq says data surge caused outage

The Nasdaq OMX Group on Thursday attributed the Aug. 22 three-hour trading halt a surge of data that overwhelmed its server, in the stock market operator's most detailed accounting yet of the market outage.

In a statement, the company highlighted more than 20 attempts by Arca, one of the exchanges run by NYSE Euronext, to connect and then disconnect to the system that provides prices for recent trades in Nasdaq stocks. Those were accompanied by what Nasdaq described as a stream of quotes for inaccurate symbols from Arca, which Nasdaq's system was forced to reject.

The two incidents together inundated Nasdaq's system with more than twice the data that it was designed to handle.

A flaw in Nasdaq's own server then emerged that essentially led to the failure of the backup system to kick in, forcing to shut down the system. At 12:14 p.m., the exchange sent a notice to traders notifying them of the complete market halt.

While Nasdaq fixed the problem within 30 minutes of halting trading, it took additional time to contact other markets and regulators. Trading resumed around 3:30 p.m.

CHICAGO

Boeing cargo jet

orders hit slump

Boeing, the world's largest maker of air freighters, is headed toward its fewest cargo jet orders since the 2009 recession as demand wanes for the overnight shipments that once drove purchases.

With 13 sales through July, Boeing's tally was just one- fifth the total of six years earlier. Airbus SAS, which didn't begin shipping freighters until 2010, has no orders this year, and the market for secondhand passenger aircraft being converted to fly cargo has dried up.

Airfreight operators are deferring acquisitions and parking older planes after worldwide shipment volumes were unchanged in this year's first six months, according to the International Air Transport Association trade group. A persisting order drought may threaten the $240 billion in industrywide freighter sales that Chicago-based Boeing predicts over the next 20 years.

PARIS

Top executive at Renault resigns

Renault said Thursday that Carlos Tavares, the French automaker's chief operating officer, was stepping down, amid speculation that he might be headed to a top job at a U.S. rival.

Tavares, 55, had long been seen as a possible successor to Carlos Ghosn, 59, Renault's chairman and chief executive, and is the man credited with turning around Renault's Japanese alliance partner, Nissan Motor.

Tavares leaves Renault at a time when the company, based in Boulogne-Billancourt near Paris, is struggling amid a prolonged slump in the European car market.

Tavares' departure, which Renault said had been "mutually agreed," is likely to fuel speculation that he is headed to Detroit. He could not immediately be reached for comment.

CARMEL

Eco Carmel plans

event with vendors

Eco Carmel, on San Carlos Street between Seventh and Eighth avenues, will celebrate its third anniversary from 5 to 8p.m. Thursday with a free open house.

At least six vendors plan to show their wares at the event. For information, call 624-1222.